Thursday, September 25, 1997
Auditor blasts city on stadium 'Second-guessing' will hurt project, Rhodes says

BY LUCY MAY
The Cincinnati Enquirer

Hamilton County Auditor Dusty Rhodes lashed out at Cincinnati officials Wednesday, saying their "second-guessing" of Hamilton County commissioners hurts the Bengals' stadium project.

"The city was sitting around for two years, and the county came in and saved their bacon," Mr. Rhodes said, referring to the increase in the county sales tax to build new stadiums for the Bengals and Reds. "And what do they get for it? Second-guessing into oblivion."

Mr. Rhodes' blast at the city came in response to statements at council's Community Development Committee meeting Tuesday.

At that session, City Manager John Shirey advised council to withhold the city land needed for the Bengals stadium until the county agrees to the city's plans for riverfront development.

Mr. Shirey said he wasn't trying to be adversarial. But the land is the only leverage the city has in negotiating about riverfront development, and Mr. Shirey said council shouldn't give up that leverage until the city and county reach an agreement.

City Councilman Todd Portune also wants council to ask Mr. Rhodes to conduct a formal review of the county's football stadium budget and financing plans. Council didn't vote on that suggestion Wednesday.

If council formally makes the request, Mr. Rhodes said he would consider it. But Mr. Rhodes said he isn't sure his office has the legal authority to conduct such a review.

"I'm not afraid of saying something's wrong if it's wrong," Mr. Rhodes said.

The auditor's office already has certified that the county's stadium sales tax revenues are sufficient to pay the debt the county will issue to build the Bengals' new riverfront stadium.

But Mr. Portune wants a much more thorough review. Mr. Portune said he and voters are concerned about the project's cost, which is estimated at $400 million when parking, land and initial borrowing costs are included.

Mr. Rhodes said such concerns are "perfectly legitimate" but said he is "a little bit wary" of the city's constant criticism of the county.

"You'd think the city would say, 'Thank you, county,' " he said.

County Commission President Bob Bedinghaus said Wednesday he thinks the city and county will work through riverfront development issues so that council won't face that decision.

Said Commissioner Tom Neyer Jr., "We do have aligned interests here. The citizens of Cincinnati are also citizens of Hamilton County. Cooperation ought not to be difficult, it ought to be intuitive." The county did get some good news about the football stadium project.

Standard & Poor's, the New York ratings agency, gave the county an "A" rating to the $322.7 million in bonds the county will issue to build Paul Brown Stadium.

That's the third-highest rating the agency assigns, and it's what the county was hoping to get.

Earlier this month, Moody's Investors Service gave the bonds a rating of "A2," its second-highest rating.

Mr. Bedinghaus said the county is pleased with the ratings and that they "represent the sound financial basis by which this project is financed."

County officials still are considering insuring their bonds, which would guarantee a triple-A rating and could lead to lower interest payments on the debt.

The cost of insurance already has been included in the Bengals project budget, he said.

Anne Michaud contributed to this report.

Today's report

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Dillon takes big step
Blake says he passed sobriety test
Bieniemy to return kicks
Parcells' way works

Previous stadium stories

City could play hardball on stadium September 24, 1997
Stadium price tag: $400.3M September 5, 1997
Moody's, S&P hear county's pitch September 5, 1997
Lawsuits put blitz on landowners August 13, 1997
Stadium estimate tops $300 million August 12, 1997
Stadium land cost a big if July 21, 1997
Who are the landowners? July 21, 1997
Stadium meeting tone upbeat July 11, 1997
City threatens to withhold land July 10, 1997
Disputed county deal mirrors old city pact July 9, 1997
Mayor rips county's deal with Bengals July 4, 1997
COA complaints take a back seat June 5, 1997
Next hurdle: Stadium land May 31, 1997
Bengals won't sell naming rights May 31, 1997
WELCOME TO PAUL BROWN STADIUM May 30, 1997
NEXT GENERATION OF BROWNS MAKE THE DEAL May 30, 1997
It's goal to go for stadium May 29, 1997
Details remain before construction begins May 29, 1997
Stadium victory at hand May 26, 1997
Terms of the deal May 26, 1997
Regional effort fills seats May 25, 1997
Bengals reach sales goal May 24, 1997
Hold on: Shirey wants to boost admissions tax May 24, 1997
Brown, county race deadline May 21, 1997
NFL committee OK's lease May 20, 1997
Ticket tax increase gains steam May 20, 1997
Stadium team tries to trim $48M May 6, 1997
Bengals ask lease by May 20 April 30, 1997
Stadium redesign well received April 25, 1997
Bengals leery of Wedge April 9, 1997
Stadium price tag growing April 3,1997
Stadium gaining ground? April 2,1997
Bengals won't sign till tax dies March 25,1997
Mike Brown's 'Letter to the Editor' March 25, 1997
Bengals balk at tax plan March 24,1997
Bengals want county blitz on seat licenses March 21,1997
City balks at size of stadium March 15,1997
Seat sales on target for team to stay Feb. 19,1997
'The Jungle' moving to Central Ave. Feb. 14, 1997
Stadium site to be announced this week Published Feb. 9, 1997
Seat license sales pass $20M goal Published Feb. 7, 1997
Consultants favor Riverfront West Published Dec. 20, 1996
Seat licenses $300 to $1,500 Published Dec. 18, 1996
Rules, procedure for buying seat licenses Published Dec. 18, 1996
Designs draw oohs and ahhs Published Dec. 17, 1996
Architect's drawings revealed Published Dec. 8, 1996
Site selection is a decision of a lifetime Published Dec. 2, 1996